Great news for UK workers as reports indicate that wages have risen at the fastest rate in almost a decade, while unemployment has fallen.
According to the latest official data, pay rose 3.1% in the three months to August compared to the same period last year, whilst unemployment fell by 47,000.
Speaking on the figures, David Freeman, ONS head of labour market, said: “People’s regular monthly wage packets grew at their strongest rate in almost a decade.
“The number of people in work remained at a near-record high, while the unemployment rate was at its lowest since the mid-1970s.”
Whilst the figures are thought to have been bolstered by annual pay increases for public sector staff such as NHS workers, the rate has still increased from previous years, recovering from a slump following the economic crash.
Rob Shaw, Managing Director at Glu Recruit said: “The latest figures show that the UK’s workers are starting to make up for a lack of wage growth in recent years.
“The growth could be, in part, down to increased competition for workers.
“It’s great to see unemployment fall once again, and the growth in wages is welcome given the lack of growth since the economic downturn, but it’s important that the government looks to secure future growth, and ensure that growth is sustainable.
“Investment and support for entry level jobs, encouraging employers to invest in skills development and sustaining faster productivity could be ways of doing this.”